PanTera Secures €93 Million Series A Funding to Scale Global Production of Ac-225 for Targeted Alpha Cancer Therapy

On September 11 local time, Belgian radioisotope producer PanTera announced the completion of an oversubscribed Series A financing round of €93 million (approximately RMB 729 million) to accelerate the global production of the radioisotope actinium-225 (Ac-225). Following this round, PanTera’s valuation stands at approximately €280 million. According to the press release, this marks the largest Series A financing in Belgium’s life sciences sector to date.

This funding round was led by EQT Life Sciences, with participation from Kurma Partners, Eurazeo, Korys, Paladin, and PMV. In addition, Ion Beam Applications S.A. (IBA), the global leader in particle accelerator technology, and the Belgian sovereign wealth fund SFPIM will convert €7.2 million in convertible loans into equity, further strengthening Pantera’s balance sheet. Meanwhile, Pantera will also receive additional in-kind contributions from the Belgian Nuclear Research Centre SCK CEN to expand its commercial footprint.

Pantera was established in September 2022 as a joint venture between IBA, a Belgian particle accelerator developer, and SCK CEN, the Belgian Nuclear Research Centre. Pantera aims to ensure the large-scale production of Ac-225, one of the most promising alpha-emitting radioisotopes for cancer therapy. By achieving mass production of this isotope, Pantera’s ultimate goal is to enhance the accessibility of future innovative cancer treatments based on Ac-225.

It is worth noting that the two major backers behind Pantera both possess substantial credentials: IBA is a global leader in particle accelerator development, while SCK CEN is Belgium’s largest nuclear research center.

IBA was founded in 1986 and introduced its proton cyclotron in 1998. The company is a leading provider of equipment and services in the field of proton therapy, as well as a leader in industrial sterilization, radiopharmaceuticals, and dosimetry. Proton therapy systems are among the largest and most expensive medical devices globally; due to constraints such as technology and cost, there are only a few companies worldwide with the capability to manufacture proton therapy equipment.

IBA holds a dominant position in the global proton therapy market, offering flexible and adaptable solutions that range from comprehensive proton therapy center turnkey projects to compact single-room systems. To date, IBA has sold more than 60 proton therapy systems worldwide, treating over 100,000 patients. As the largest global supplier of proton therapy equipment, IBA accounts for approximately half of the global market share in this sector.

With 70 years of experience in nuclear research and technology, SCK CEN is one of Belgium’s largest research institutions. Since 1991, its statutory mission has been to prioritize research on issues of societal concern, such as the safety of nuclear facilities, radiation protection, the safe management and disposal of radioactive waste, the prevention of uncontrolled proliferation of fissile materials, and education and training. Currently, SCK CEN employs 850 staff members, and its research activities primarily focus on three major themes: the safety of nuclear facilities, the development of nuclear medicine, and the protection of people and the environment from ionizing radiation. SCK CEN shares its expertise globally through numerous publications and training courses, earning worldwide recognition in the field of nuclear energy research.

“Standing on the shoulders of giants,” Pantera leverages the expertise and experience of IBA and SCK CEN to research, design, develop, and manufacture all the necessary intellectual property required for its operations, such as radiochemical processing methods, radon mitigation systems for handling large quantities of radium, electron-to-gamma converter systems, radium targets, and waste treatment. Furthermore, since its inception, SCK CEN and IBA have progressively transferred the necessary intellectual property to Pantera, further bolstering the latter’s rapid development.

α-emitting radionuclide pharmaceuticals offer unique advantages for tumor therapy.

In terms of tumoricidal efficacy: Alpha-emitting radionuclides emit alpha particles during decay, with a linear energy transfer (LET) nearly 100 times higher than that of beta-emitting radionuclides, resulting in significantly superior tumor-killing effects. On the other hand, beta-emitting radionuclides cause single-strand DNA breaks in tumor cells, which may be repaired, potentially leading to tumor recurrence. In contrast, alpha-emitting radionuclides directly induce double-strand DNA breaks, leading to permanent tumor cell death, and are therefore hailed as “radiotherapy with surgical precision.”

Furthermore, clinical trial data indicate that alpha-emitting radionuclides can induce tumor immune responses while killing cancer cells, exerting a synergistic effect with immunotherapy and achieving a “1+1>2” therapeutic outcome. In terms of safety: alpha-emitting radionuclides have a short range, spanning only a few cell diameters, resulting in minimal damage to normal tissues and virtually no side effects, thereby offering a higher safety profile.

Among them, Ac-225 has a half-life of 9.9 days, ranking among the top alpha-emitting radionuclides. This provides sufficient time for therapeutic administration, with the shelf life of prepared Ac-225 radiopharmaceuticals reaching up to 120 hours. Therefore, Ac-225 has become a focal point in the research and development of alpha-emitting radionuclides, demonstrating significant therapeutic potential for widely disseminated micrometastases and showing promise in the treatment of conditions such as pancreatic cancer, prostate cancer, neuroendocrine tumors, and leukemia.

According to incomplete statistics, there are 20 Ac-225 radiopharmaceutical pipelines in clinical development worldwide, two of which have entered Phase III clinical trials. According to Clairvoyance Research’s 2022 global market study, the annual demand for Ac-225 is projected to reach approximately 17 Ci in 2025 and 523 Ci in 2031.

However, the supply of the Ac-225 isotope is extremely tight, with current global annual production totaling approximately 1.8 Ci. Production relies primarily on a few facilities, such as the Oak Ridge National Laboratory (ORNL) in the United States. In particular, no institution is currently capable of supplying high-purity, GMP-grade Ac-225. This scarcity has created a significant supply gap, earning Ac-225 the moniker “the rarest drug on Earth,” with prices having peaked at $1 million per mCi.

Pantera is working to address this global shortage. The company’s unique, patented photonuclear “γ” production process converts radium-226 into radium-225, which then decays into actinium-225 (Ac-225). This process provides a reliable, safe, and high-quality supply of Ac-225, suitable not only for clinical trials but also for future commercial radiopharmaceutical therapies, with the first products expected to reach the market in 2028–2029.

In addition, Pantera is currently completing its technical feasibility study and establishing its first production facility in Mol, Belgium, which is expected to commence operations in 2028 and achieve large-scale production of Ac-225.

Looking ahead, PanTera aims to produce over 100 Ci of clinical-grade Ac-225 annually by 2029, enabling the treatment of more than 100,000 patients per year. While striving to develop commercial-scale production of Ac-225, PanTera has already secured early supplies of the isotope through an alternative production method. Specifically, through its collaboration with TerraPower, PanTera is poised to provide 1.5–2 Ci of Ac-225 annually starting in early 2025. Furthermore, PanTera has signed advance supply agreements with several pharmaceutical companies, including Bayer, and anticipates that over 80% of its production capacity will be covered by supply contracts prior to the commencement of manufacturing.

References:
1. MedTech Home, "World's Fourth! China's First Best-in-Class Energy-Level Accelerator Lands"

2. AstaThera, “Introduction to the Alpha-Particle Nuclide Series: Actinium-225 (Part I)”